The net income /loss= $7,425 1) prepared a classified statement of financial position. Assume that $18,360 of the bank loan payable will be payed in 2019.( list property, plant and equipment in order of land, building and equipment. List current assets in order of liquidity.)
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- In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assetsThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. SuppliesREQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement of Financial Position and additional information provided below: INFORMATION The financial position of Gatti Limited as at 31 December 2022 is reflected the following statement: Statement of Financial Position as at 31 December 2022 R ASSETS Non-current assets 1 400 000 Property, plant and equipment 1 200 000 Fixed deposits 200 000 Current assets 5 800 000 Inventories 3 400 000 Accounts receivable 2 000 000 Cash and cash equivalents 400 000 Total assets 7 200 000 EQUITY AND LIABILITIES Equity 4 680 000 Ordinary share capital 3 600 000 Retained earnings 1 080 000 Non-current liabilities 720 000 Long-term loan 720 000Below transaction summaries relate to Jetters Co. as at 30th June 2019.Cash balance as at 1of July 2019 12500Cash receipts from the customers 720000Purchase of land 250000Obtained a bank loan 35000Business cash deposits in the bank account 10000Purchase of 2 vehicles for 20000 eachRepayment of the loan 5000Payments to vendors 562000Bad debt 5000Borrowings from a financial institution 45000Sale of investment 25000Depreciation 24000Payment of operating expenses 115000Payment of income taxes 52000Share capital issued 150000Payments for interest expense 21000Sale of machinery 61000Sale of motor vehicle 15000Prepare the cashflow statement for Jetters Co. for the year ended 30th June 2020.
- The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…Oriole Inc. is a private company reporting under ASPE. The following selected account balances were reported in Oriole Inc.’s financial statements at year end: 2021 2020 Cash $ 18,300 $ 8,200 Buildings 831,000 729,000 Equipment 391,000 340,200 Land 89,000 48,000 Accumulated depreciation—buildings 302,000 285,500 Accumulated depreciation—equipment 119,000 89,000 Dividends payable 5,950 2,400 Mortgage payable 542,600 582,600 Notes payable 337,000 306,000 Common shares: 5,340 shares in 2021; 3,940 in 2020 536,000 407,000 Retained earnings 195,000 96,000 Cash dividends declared 22,000 7,600 Depreciation expense—buildings 23,000 39,700 Depreciation expense—equipment 47,205 25,350 Gain on sale of equipment 840 0 Loss on sale of building 8,300 0 Interest expense 47,650 43,550 Additional information: 1. Purchased $72,000 of equipment for $8,800 cash and a note payable for…
- 18. What is the correct amount that must be disclosed as loans advanced to (received from) directors of the company in the cash flows from operating activities section of the statement of cash flows of Moletji Limited for the year ended 31 December 2020?The December 31, 2019, balance sheet for Walton Corporation is presented here. These are the only accounts on Walton’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: WALTON CORPORATIONBalance Sheet As of December 31, 2019 Assets Cash $ 35,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 305,000 $ 452,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 35,000 Long-term debt ? Common stock 311,000 Retained earnings ? $ ? Additional Information Current ratio (at year end) 1.4 to 1.0 Total liabilities ÷ Total stockholders’ equity 60 % Gross margin percentage 40 % Inventory turnover (Cost of goods sold ÷ Ending inventory) 10.5 times Gross margin for 2019 $ 350,000 Required Compute the balance in trade accounts…Berhad has the following financial statement as at 31 December 2019: Jiki Berhad Statement of Financial Position as at 31 December 2019 Assets (RM) Plant (Net) 4,000,000 Research and Development 16,000,000 Cash 5,400,000 Trade Receivable (Net) 5,400,000 Interest Receivable 800,000 Inventory 2,000,000 Total Assets 33,600,000 Liabilities and Shareholders’ Equity Trade Payable 5,920,000 Loan Payable 9,300,000 Provision for warranties 300,000 Deferred tax liability 4,200,000 Share Capital 10,380,000 Retained Earnings 3,500,000 Total Liabilities and Shareholders’ Equity 33,600,000 Additional Information: a) Tax laws allow only specific bad debts. The carrying amount in the trade receivable account is after the provision of 10% provision of doubtful debts. b) Interest receivable is recorded on accrued basis however is taxable only upon receipt. c) The carrying amount of the plant is after providing accumulated depreciation of RM 6 million. As at 31…